Bitcoin Miner Greenidge Files Legal Complaint Against New York Regulator, Reports Q2 Earnings

Greenidge Generation Holdings Inc. has initiated legal action against the New York State Department of Environmental Conservation, challenging the denial of its air permit renewal. The company also reported its second-quarter financial results, highlighting cost reductions and ongoing business transformation.

Greenidge Generation Challenges New York Permit Denial, Reports Q2 Performance

Greenidge Generation Holdings Inc. filed a verified petition and complaint in the New York Supreme Court, Yates County, against the New York State Department of Environmental Conservation. The complaint seeks to annul the department’s denial of the company’s Title V Air Permit renewal for its Dresden facility, asserting that the denial is based on a misinterpretation of the New York Climate Leadership and Community Protection Act.

The company is also seeking injunctive relief to prevent any action from being taken to cease operations at the facility. Greenidge stated to the U.S. Securities and Exchange Commission (SEC) its intention to vigorously pursue its claims and provide updates as the case progresses. In its second-quarter earnings report for 2024, Greenidge announced a total revenue of $13.1 million and a net loss of $5.5 million from continuing operations.

The company has seen a reduction in selling, general, and administrative expenses by $6.4 million in the first half of the year compared to 2023, and anticipates a significant boost in earnings in the upcoming quarters. The firm’s optimism is driven by ongoing cost-saving measures, the relocation of mining operations, and the introduction of new offerings such as the Greenidge Pod X crypto mining infrastructure solution. Despite temporary disruptions in operations, the company believes these strategic decisions have positioned it for future growth and profitability.

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